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These 5 Renovations Are Guaranteed to Increase the Value of Your Multifamily Property

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Picture this: you’re on the hunt for your next apartment. You see from the listing that it’s in the perfect neighborhood, has all the amenities you’re after, and is within your budget. You’re scrolling through photos, and then – BOOM – you get to the kitchen and…

White. Appliances. Everywhere. 

You might as well be in the newest Jordan Peele horror movie, with that jump scare. 

Aside from the fact that outdated rental units are just plain unattractive, they’re also not helping you as a property manager attract new residents or increase your property’s value overall. Here are five renovations you can make at your multifamily property that are guaranteed to increase its value and keep your units filled. 

Replace Your Floors

Speaking of outdated…let’s talk carpet. Not only does it date a space, but it’s also a turn-off for many renters due to its unsanitary stereotype. Resident preferences and style aside, hardwood floors, tile, and laminate offer increased durability – a notable benefit for property owners facing the wear and tear of renters. Plus, pets love ‘em too! 

Upgrade Outdated Appliances

If there’s one thing that screams stuffy, 90s home — it’s outdated appliances. The most significant way to modernize a space and attract new renters is by updating these to stainless steel. Start small with a swap of the microwave, or go big and switch out your stoves and refrigerators. We know this can be a pricey undertaking, but rest assured that this type of renovation easily justifies an increase in your rental prices.

Improve Your HVAC Systems

Nothing’s more unpleasant than moving into a new apartment and realizing you’re stuck with a loud, clunky HVAC unit – or worse, you’re responsible for the installation of one yourself. One major upgrade you can make to your units is improving these systems. Maybe you invest in quieter, better-functioning units, or maybe you take the plunge into installing central heating and air conditioning. Either way, this will easily increase your property’s value and add significant appeal to renters. 

Update Light Fixtures

For an easy but impactful upgrade, consider switching out light fixtures. It may seem like a small detail, but you’ll be surprised how much a contemporary design elevates an otherwise plain or outdated space. This works particularly well in kitchens and bathrooms but can be done throughout your entire property.

Make Accessibility Changes

An often overlooked renovation, accessibility upgrades can really increase your property value and help your vacant units appeal to an even broader market. If you’re wondering why accessibility is important at your multifamily property, or just need some ideas on accessibility changes you can make, read our dedicated article on the topic!

Whatever renovations you decide to undertake, don’t dive in without the proper management software to get you through. With ManageGo’s modern maintenance platform, you can schedule renovation tasks in advance and automatically assign them to the right team members. Make use of our custom checklists and internal communication tools to keep your renovations running smoothly – and cause as little disruption to your property as possible.

No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management. Plus, subscribe to our weekly newsletter to explore the industry, get the latest company news, and be the first to know about special announcements!

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